Barclays Private Equity completes exit of The Original Factory Shop

Barclays Private Equity completes exit of The Original Factory Shop

12 Dec 2007

Barclays Private Equity, one of Europe's leading mid-market private equity firms has realised its investment in The Original Factory Shop via a secondary MBO valued at £68.5 million led by Duke Street Capital.  

Barclays Private Equity has had a very successful relationship with Burnley-based The Original Factory Shop having invested £18.42 million in the management Buy-Out/Buy-in (BIMBO) of the business in November 2004.  

The Original Factory Shop provides an extensive range of products, including:  men’s, women’s and children’s clothing, as well as electrical goods, toiletries and homeware to its customers. The business has increased its number of stores from 54 at the time of BPE’s investment to 84 department-style stores to date, providing full geographic coverage in the UK.  

Since the appointment of George Foster (the former Chief Executive of TJ Hughes) as CEO in 2005 the business has gone from strength to strength with the development of a broader team, especially in the buying department, and has moved warehouses, providing the business with more than double the capacity of the previous facility.  

John Walker, Director of Barclays Private Equity in Manchester commented on the exit: “The performance of The Original Factory Shop since the appointment of George Foster has been extremely strong and he has nurtured an experienced and loyal team.  We believe the company is well positioned with its niche in the value retail sector, and have enjoyed working with the management team and wish them every success for the future.”  

George Foster, The Original Factory Shop’s CEO commented: “Our business has grown strongly over the past couple of years backed by Barclays Private Equity and we are grateful for their support and guidance. Consumer spending is constantly rumoured to be on the down turn, but we strongly believe The Original Factory Shop is well placed to weather any storm in the retail sector.”  

Jonathan Boyers, KPMG’s Head of Corporate Finance in the North said:  “We are absolutely delighted to have been involved in the successful sale of this high quality business. Under the leadership of an astute management team this retailer is robust and thriving.”

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